MH FS that the PM doesn't know about - Posted by Bryan-SactoCA

import · May 20, 2003, 1:49pm

Posted by Phil Pelletier on May 20, 2003 at 19:27:15:

When I have had the privildge of coaching new people who are considering this business on a part-time basis, I tell them to look EXCLUSIVELY for the situation you find yourself in. Unoccupied home, for sale by owner.
Your seller has probably been the Broker route and paid 3-6 months of ground rent while that effort ran itself into the ground (to no avail, of course). Now, he is REALLY motivated to sell the place.

The 20th day of the month seems to raise the blood pressure of all those facing a rent payment on an unoccupied home. A GREAT time to call and inquire.

Remember, the first price they say is always a joke. But don’t laugh, just say “It must be a really nice place inside. How do I get a look inside so that I can make you a wholesale offer?”

That has the potential of being a good place to purchase for your first deal. After a while you can tackle silliness like I am trying to pull off:

Seller of a 1990, 28X56 3/2 lived in the place while he built his dream home. Now, he wants the mobhilehome off his land, but lost all his paperwork. The County it will be moved to (mine) wants the title number to approve my plot drawing, but since the home is currently deeded to the land inn another county as Real Property, title to the home does not really exist. Breakdown crew will not break the home down because no one can show clear title. Seller will spend the day at DMV and his County Planning for his moving permit (after he has retitled it as a vehicle, of course). Then I will spend some time at my county Planning office after the home is finally retitled in the middleman’s name, then sold to me with a clear title.

The interesting thing about taking on a project like this is the deeper you go back into the origin of a home, the cheaper you can get it. If I tried to buy a 1990 28X56 3/2 located in a park, I would be looking at about $10,000 from the average seller. Here, the home bill will be about $3,000 (park owner will be paying for the actual moving expenses). I do have to admit that it will be MUCH more painful to bring home to papa, though.

If there is a difficult way to lose money, I can find it. Just give me time.

Phil Pelletier

import · May 20, 2003, 1:49pm

MH FS that the PM doesn’t know about - Posted by Bryan-SactoCA

Posted by Bryan-SactoCA on May 20, 2003 at 13:49:43:

I visited a park yesterday and talked to the PM who has only been on the job for a month and a half. She was receptive to my idea but she said she didn’t know of any MH’s for sale in the park. But when I was leaving the park I saw a For Sale sign in a singlewide that had an untended garden out front. I went back this morning and got the number, and it’s in the 425 area code which I had to look up-it’s suburban Seattle. Has anybody dealt with a seller that is a thousand miles (or more) away, and is it possible for a newbie to handle this situation? I’m nervous that this home is FS and the PM doesn’t know it-what happens when I start sending her buyers to approve?

import · May 22, 2003, 8:14am

Re: MH FS that the PM doesn’t know about - Posted by John Merchant

Posted by John Merchant on May 22, 2003 at 08:14:56:

First thing I’d do is find & read your CA MH law. Find CA Law Mobile Homes on any search engine and you’ll be looking at your CCC (CA Civil Code)/Statutes in minutes.

Reason is this: I strongly suspect that CA, like WA, other states, has law setting out in some detail just what the seller’s rights are, in being able to sell his MH in MHP, without being stepped on by MHPO/mgr.

They don’t have the right to just arbitrarily reject a candidate because they don’t like you, etc. and they know they have to follow the CA law, just like you & I do…and can be sued if they don’t!

In a recent WA court decision, the MHPO was sued for such arbitrary buyer rejection and got stuck with an $85k Judgment…and I’m sure this isn’t the first time this has happened to a MHPO.

Until recently WA had a law in place that the S had to give the MHP the right of first refusal on the purchase of S’s MH…by sending the MHP a notice of S’s proposed sale, price,terms, etc…and the MHP had so many days to match it, or lose their ROFR. Now the MHP has lost that right, so the playing field is more level here.

So read your laws so you’ll know what the legal rights of the MHP & you really are.

import · May 20, 2003, 2:28pm

diamond in the rough - Posted by Steve-WA

Posted by Steve-WA on May 20, 2003 at 14:28:41:

The first MH I got was from an EXTREMELY motivated seller, due to the fact that she lived out of state. Cleared about 6.5K on a cash sale on that one, and that was after paying 1500 in back lot rent that I didn’t have to! AND the big screen TV that was left in the house. And the new La-Z-Boy. And the computer desk. And the roll away toolbox. etc etc etc

It’s probably no big deal that the PM is in the dark. That could actually be a good thing - not nosy. Call the seller, negotiate a possible deal, and then I would visit the PM again, and let her know about this. If she is cool and gives you the go-ahead, then go ahead!

FedEx was made for this - send the docs, and a prepaid return envelope, ensure they use a notary, and you are in!

Don’t succumb to analysis paralysis. I would love to get deals like this.